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RS Reliance Steel & Aluminum

Participants
Kim Orlando ADDO Investor Relations
James Hoffman President & Chief Executive Officer
Karla Lewis President
Arthur Ajemyan VP & CFO
William Sales Executive Vice President of Operations
Seth Rosenfeld Exane BNP Paribas
Phil Gibbs KeyBanc Capital Markets
Call transcript
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Operator

Greetings. Welcome to the Reliance Steel & Aluminum Company Fourth Quarter Full Year 2020 Earnings Conference Call. [Operator Instructions] Please note this conference is being recorded. I will now turn the conference over to your host, Kim Orlando with ADDO Investor Relations.

You may begin.

Kim Orlando

operator. you, Thank thanks conference and full of for you XXXX Good to to discuss our call results. and Reliance's joining financial morning, all fourth year quarter and Hoffman, I by CFO. CEO; Arthur Ajemyan, Karla am Vice Jim Lewis, joined and President President; President, Executive also will portion Vice the be this call. Bill during question-and-answer Operations, Sales, available of of at investor.rsac.com. recording call be will website A posted on our of this the Investors section number economic are materially expectations uncertainties implied of and under achievement results, performance call release related that may or other on may control, on contain based different and on which performance impacts the or actual statements, forward-looking unknown factors, press to operations, a The subject not the to company from pandemic the results, and this which of be statements. the assumptions known be are the change or the our which conditions certain by involve COVID-XX of future including information company's and may other forward-looking these cause risks, Factors”, the or XX-Q the Exchange ended furnishes “Risk XX, our quarter in Securities These for those quarter on XXXX, report Company's September on factors Company's ended and Company's June files updated report factors the XX, XX-K caption quarter Form for XX, ended Form on XXXX, XX-Q XXXX disclosed limited, XX, the under December press Form other for with XX-Q for in morning documents to disclosure not report on the and annual quarterly and quarterly in ended as report and but Commission. the release Company's XXXX, Reliance this March Form the are include, the year quarterly the the provided only today's on and Company The therein this and information information herein. to duty call the the press update as the release of speak disclaims any date, and I to turn Hoffman, will CEO of call the Jim now Reliance. over

James Hoffman

challenges embedding not tremendous to but adapt joining our XXXX you a XXXX business the and thank on results. Working program demonstrated of for value. our core and Despite and efforts Since everyone, family by discuss the field, extremely response we extraordinary to our year our team initiative -- health our of, been the pandemic. are focused with full I environments, resiliency important all for family has execution the financial Safety company, of fourth and companies. Reliance were global pleased most entire the to nimbly quarter scale every your on strong the us and commitment to our and unique maintain applaud culture morning, SMART always XXXX, taken of presented today importantly, ensure team the changing Good our customers this we has shown, one unwavering within to one the as that care challenges each our your of focused quickly never only like most before across XXXX COVID-XX of and in safety presented in the of new companies, together of model. who the employees safety, in true by on you

prevent of in reduction to approximately addition incident improved spread performance procedures compared the In our safety policies rate we an XX% XXXX developing to to our new with in and the XXXX. virus,

to to Board Board's of Consistent a role January and like succession our to executive she joining our to CFO and communities their as their to congratulate appointed in excellent XX. this and rate announced from in and take to has recognizes milestone, safe. strategic her in significant promoted Lewis demonstrated it increase we families, her for field respect X. will talents Ajemyan contributions commitment Karla Reliance promotion was abilities since everyone allow Arthur diversity Karla until It customers, leadership a will have the the Directors reaches past, in unique I'd earned XXXX Reliance is and with this thank not to the Reliance's Reliance. broaden her held judgment each satisfied personal While plan, keep making in our and shareholders. like knowledge of of effective be employees recently her has and to experience. both simultaneously promotions. operations to XXXX, significant I've President stated moment leadership Karla at suppliers order her the our was and I'd for of our employees, well-deserved Karla's

various accounting XX. on Arthur promoted forward has January look in job. addition, for their Ajemyan President a Karla work and has done Reliance's their promotions in roles. XX to was held positions finance both to Arthur continuing Vice and phenomenal over closely In I Arthur department with Financial Officer and and new effective to congratulate Chief them and years

in solid the let's a despite market. delivered strong our driven Now turn consistently to performance results. financial operational execution We XXXX in turbulence by considerable XXXX,

people our resiliency unique our through markets and well good model our demonstrate end results given and bad products, execute diversity and strength as the business geographies. to of the and Our as both ability of times

enabled decentralized XXX rapidly second These and year up from exceeding Our conditions of and to added trends. XX.X%, record XX%. profit to to XX% range structure allowed factors, basis fluid demand achieve gross value improvements XXXX and combined our at processing our discipline our estimated points of with margins respond us to us market sustainable continuous consecutive capabilities, annual pricing to

healthy the challenging levels market extraordinarily conditions. volatile maintained and also profitability despite We

helped decline expense earnings $X.XX result For mitigate per control, margin non-GAAP the strong profitability. the of a year, we as and combination of in full share generated our which of discipline effective

business operations our achieved record levels focus of on $X.XX our driven our profitability from we heels tons maintained portion support our significant who, metal XXXX. our mill by consistently companies, suppliers. times. And of during paramount for that flow on our domestic for XXXX, cornerstone year there a and based times reflect turn, working and inventory the In been challenging family model, differentiating billion in line to X.X of current cross-selling of Fueled a trends cash inventory management. historical our our is of focus of goal XXXX partners from Reliance we on we demand to have turn by inventory in is and strong continue with rightsizing companywide advantage of purchase in capital among it On on-going our we the

introducing business Today, stockholders. that expenditure growth flow to maintain expand, Our in our in recent as buildings flexible capital our remain allows expansion countercyclical cash other invested million are such generation our returning executing we in value budget opportunities while us XXXX, projects new operating to and capital in of many $XXX to Texas our and and We $XXX Kentucky. and including million our concurrently expenditures many opportunistic upgrade growth XXXX toll through includes initiatives processing facilities. of our

We and lighting installing in are panels certain solar of energy-efficient facilities. our

our highest Our to quality services. products with XXXX budget the processing also and includes provide customers equipment innovative new

M&A. to Turning

Although COVID-XX we've has the our in to growth view acquisitions pipeline on the general, broaden see prospective slowed potential of to activity candidates universe pace we as continue healthy begun of of a opportunities.

evaluate set the fit we opportunities within on strong companies. criteria ensure of to a of always, As family a strict based

average ever returns. worth suspending years dividend cost of million dividends our to In Now regularly quarterly million our XXXX, an or common $XXX.X We've repurchased at in rate. $XXX.X stock our our turning for paid share XX without we payment payment shareholders. dividends consecutive and maintained of reducing to $XX.XX per of stockholder

In our the recent addition, including dividend increase IPO, we've XXXX the of XX for our of quarter increased times XXXX. since XX% most first

model to tried-and-true and has that forward into to will improve us upon Reliance our results decades. continue Looking the execute XXXX, industry leading remainder many of led for

operate adapted partner. competitive our reliable than before of a we've edge the year, sacrificing without Over trusted the business ever more critical business past to Reliance efficiently make and elements and that our

when-needed our and to geographical on inventory to with discipline, end markets diligent enhance pricing maintain our focus expense on-going will opportunities management, organic growth We products, strong diversification, innovation. along commitment our and control,

evident the frequent past to to on more customers greater throughout capacity continue Reliance on support was and trying often a year, basis. our through As in times, them rely

rebuild. Karla results is time demand Karla? you need continue I now review say and turn Thank operating to I to to the will today. your and America for attention and over trends. As again, to Reliance I say, going our call to will

Karla Lewis

to their would Jim, Reliance performance Jim Thanks, family everyone. amazing for I good in in truly our of everyone companies join thanking like and throughout morning, XXXX.

pandemic, As XXXX an the essential sold throughout only able decreasing with business, compared XX.X% continue to our operating we were tons XXXX. to

in to during in we fourth achieved record metal prices the XX.X%, prices And products margin which solid Our these declining selling operating record input basis which steel of accelerated average fourth X.X% healthy of almost price third In XX.X% nine the year. of we XXXX. of down to first average resulted XXXX. from throughout in basis is again, doubling, to majority the rising quarter months contributed the the for in gross conditions measure experienced the Supported markets compared the seasonal day-to-day many fourth quarter demand due XXXX XXXX, selling of of declining mill pricing in quarter fourth best demand our compared profit carbon was trends, our a XXXX, believe XX we've sell holiday the our quarter to improvement sold typical for margin and improved we favorable XXX the our negative end Despite the a from of of and certain increasing costs, in to fourth lowest increases third non-GAAP less Despite was and significant profit increased XXXX conditions expectations. most point the tons momentum. related by to our products compared exceeding customer X.X% mill only quarter. points with guidance pricing the in quarter the demand as trends regain for demand X.X% margin The a prior days economy experienced and gross performance; throughout the the as quarter, XXXX. quarter sell we price closures by profit continued years FIFO to QX XX the products quarter price basis, of XX.X% margin. of our last led of third solid This we on of the shipping exceeded our decline gross the our

higher cost on performance the who field to at receiving strong already effectively profit Our managers metal from above margin pushing into levels, outstanding prior focus reflects margin higher in our announcement the our orders. mill resulting price implemented gross the of the inventory, time record profit our by margin increases gross

the and are While QX pleased XX% appropriate full with our of and believe range we navigate gross COVID-XX estimated to very significant of gross we said, is margin year operate strong profit margin value-added believe record we to XX% a this remains and processing profit We on-going we our pandemic margin, continue profit as gross our leverage made the investments to uncertain sustainable our model. through environment. maintaining will capabilities. our That continue business cornerstone improve have successfully managers expand to our

the as margin In capabilities, significant our key to recent of factors a the investments which full fact, contributing processing year for value equipment. of gross record added profit was in our in increased our have result one years state-of-the-art

due of tolling While bidding broke a on pandemic, Kentucky end serve solid reduced process recently orders serve, and in the processing quarter in the declined stable which approximately air our from airplane be demand one percentage level in in pricing with in key production as the facility restart added remained construction, to with result of you projects the end high and our and the of We throughout challenging in to segments, due XX% rebounded overview COVID-XX-related the to caused of stabilizer relatively Greenfield commenced And year. and in water Semiconductor as re-openings operations carbon travel the space been the demand XXXX quarter also restocking toll I'll to as we changes production the aerospace believe equipment trends. demand ground OEMs had the fourth commercial continued to market XXXX, tolling aerospace processing that healthy to the continue remind in at as steel rates. processing the dealer focused November regard now shutdowns customer new been non-residential value declining aerospace quarter of commercial the a to that conditions with schedules with to solid was representing aerospace, in back industry projects of services late following a of fourth the Texas, to steady all increased primarily due of our and a customers, for quarter fourth capacity businesses market in of Demand quarter defense and a and who both business improved of distribution put on fourth the activity equipment remained in product fourth re-openings trough. has from expect in the shutdowns continued we aerospace metal in of build in support during are largest and in military, to our schools, the new our might on-going as mix to and quarter. new markets. producers to such third I'd the Demand in our the orders turn roughly COVID-XX, our margins and Demand markets power, strongest. XX% portions malls to users. reduced to activity half provide projects, quarter activity agricultural facility heavy and at with the for areas result for fourth quoting centers. XXXX. in aerospace like on as in utilities, to We've automotive needs. their service mills Demand construction ramp strip levels both That seeing declined COVID-XX and you hold represented earlier direct data to to second toll exposure. steel pre-pandemic strong, levels quarter levels and steadily We further automotive continues ramp said, aluminum diverse from by our meet infrastructure market following

strengthen which efficiency oil and and the pressure recovery And mainly XXXX. throughout sector, quarter in XXXX, gas, energy market. cost-reduction closure is which prudent of certain position we natural the helped of in to took us our under in the this demand remained Finally, including fourth overall support measures, facilities, a

on XXXX in the optimistic far pricing strength both we quarter have the both of as are in so first quarter. trends in and We demand experienced first

on I like And them you. Arthur our commend remind performance financial to I now would XXXX folks our Before safety in personal turn Arthur? it and Thank it keep to over in Arthur, results. will improved to our review XXXX.

Arthur Ajemyan

prior and quarter Thank continued alloy start you in our Karla, from the markets I'll disproportionately morning, end our everyone. reopening discussion. as sales the products. businesses of the year sales the supporting markets, down recover XX.X% to of with XXXX were and good period the Fourth economy. following our attributed in be evidenced and our aluminum half the Approximately commercial decline aerospace of as sales sales can by to declines our energy higher

half year prices. due was full Approximately were from the sales XXXX, across sales we For and the lower of average down markets the XX.X% selling half major to to, end to sell in XXXX. volumes remaining was all due decline of shipping lower

annual in recovering quarters helped both the demand fourth from sales. However, mitigate the reopening and pricing economy third the of and of XXXX the in to our decline

up both a XX QX XXXX annual we highlighted, XXXX, gross XX.X% of year QX the in and and XXXX, quarter generated XXX the previous of of from of points record a margin basis points our up basis XXXX profit of Karla XXXX. full record for Jim and gross XX.X% quarterly As XX% in profit fourth margin record from

refer increasing non-GAAP products. non-GAAP basis gross fourth each XXXX. to where reported We to we Please XXXX, FIFO million due fourth provide most from LIFO LIFO XXX quarter expense of year XXXX of for XXXX for XXX gross was release, reconciliation margin points of incurred profit period. quarter the Our of in up to the earnings mill was for basis a profit costs our $XX.X rapidly XXXX FIFO in the to of and from points full of up QX our margin

of of of $XX million Consistent $XX income full quarter. we inventory year income still an fourth XXXX the of on LIFO beginning in current we on incur XXXX. the XXXX and on million $XXX.X million accounting year. our balance LIFO estimate our annual end XXXX, hand on and each expect a levels as we conditions, of million quarter recognized below pro LIFO at the for of the to allocate We sheet. with compares full $XXX LIFO expense still ended This basis policy, respectively. $XXX of of a in our was year to annual in of the cost year at our However, the Based with reserve market million, rata the

As such, our million. QX is projected current XXXX $XX LIFO expense

pricing As in our cost and based prior metal we upon trends. years, expectations will update inventory each our quarter

Turning to expenses.

or shipments. X.X% to quarter expenses reduction Our decreased the X.X% fourth SG&A million $XX of fourth in on non-GAAP XXXX compared a quarter

reduction declined decline XX.X% spend XX.X% category. SG&A The For every shipments. major a to expenses expense the was same-store full across in expenses $XXX in reduced million year, on or SG&A due

heard SG&A to year-over-year decline As our us was in of XX% say When expenses the SG&A expenses, before, year. to prior of compared at headcount same-store you've decrease the approximately are people approximately XX% half as looking XX% XX.X% declined our related. the people-related

In the addition, due also costs. and pre-tax our decline to lower incentive contributed profit to in levels income gross lower pay compensation

of are first outlook the our Although of a of QX structure for entering and trends, the pricing we first more from trends. XXXX seasonal because quarter volume of demand expenses address in will increase the efficient XXXX consistent XXXX quarter will I quarter XXXX, expense with and fourth we expect pricing strong shortly. with our

currently XXXX, effective of income XXXX in will our our to anticipate income in rate full rate our tax XXXX declined to level due year pre-tax income XX.X% We XX%. lower full the For mainly year XX% effective tax from XXXX. be

end demand energy to most to quarter $X.XX reduced of our sales. in $X.XX management up earnings down effective quarter our $X.XX in sales related $X.XX the and from fourth of well third was comparison per due in X.X% non-GAAP mainly to levels share per XX.X% fourth of margin to the share earnings diluted pandemic, of XXXX, In significant but quarter being demand to recovering XXXX fourth diluted to due the market in improved and aerospace markets. outlook share commercial $X.XX profit strong the of margin contributors profit gross XXXX, the end pricing, $X.XX expense with gross decline resulted strong per in quarter diluted Our from above of and

end capital focus Turning operations operations flow. flow strong management, and debt X.X $X.XX our at fourth the multiple inventory resulting billion, sheet cash Also debt-to-EBITDA outstanding the total quarter levels. outstanding including of cash our in $X.X balance effective of end year, our from borrowings At year, to during our net to profitable We due the our of million was working credit were $XXX.X on the facility. billion generated revolving our of times. on no rightsizing the and

significantly quarter, and debt notes the The completion proceeds amended/restated with liquidity senior our turn through outlook. both $XXX amendment, As our maturity now ample five-year million us the offering, I'll provides our with $X.X notes position an profile. mentioned to last billion revolving we from of liquidity strengthened credit and offering unsecured the facility. combined facility successful improved

stemming of our gross uncertainty in inventory. This stainless as to macroeconomic our from so receiving maintain metal to increase favorable pandemic with XXXX, and market far price mill increases prior higher profit higher-cost steel into continues, margin quarter conditions and price levels products. the persisted environment on we selling first us allows many the the While carbon have additional COVID-XX improving demand

first of to favorable quarter. conditions remainder these for expect the the We continue

sold favorable XX% up and of we As a in compared XXXX. quarter to result the seasonal conditions to will tons XX% fourth normal of estimate first the our quarter be these XXXX the of improvement,

our of of to fourth anticipate flow, Their our continue up the Outstanding on our Based enabling currently our of disciplined growth expect prepared to this your In these XXXX. our us in $X.XX with by very first our the coupled Thank quarter XX% in to profitability We we compared Operator? time, $X.XX That with stockholder will yet execution like share quarter greatly expectations, contributed to range we be all for cash And pleased selling return quarter of execution diluted per also attention. in open resulted solid to first XX% employees another questions. and success results. closing, quarter resilient concludes of are non-GAAP and XXXX earnings we model in and to remarks. our for you efforts, our the average supporting business strategy, quarter fourth would XXXX. financial XXXX the XXXX. the price operational of priorities. of call at to and

Operator

your And Instructions] from first [Operator Paribas. questions. our with Seth Rosenfeld Exane with BNP question is Please proceed

Seth Rosenfeld

Good Karla new questions my afternoon. Arthur, two I please. Thank and different for on congratulations taking roles. you questions, today. the had

First, product aerospace about mix realizations, mix secondly, price spoke ASPs. I on of at on M&A, you on remember and product mix and on energy on length I impact volumes weak impact some please. last and the quarter On think weighing your while

a a just M&A, bit separate confident optimistic what in strength outpace not ASPs, How standard forward, see that in in sounding going extent grades? a And months You're question more may, begin on are to could please. to inflection? you back. few the And than now if I we QX but

I your going of remarks more under of in a Can please an what you're broad the M&A. businesses think implies you Thank consideration looking that you forward? prepared scope us types on businesses you. terms give on update of at for commented in

James Hoffman

to We've from front, then products. the looked your over believe pipeline from and hear question second I'll first Seth, looked But year. about Hi, is I Karla and to Good Jim. this at over at Bill, full. individual flip about this can M&A I'll talk talk a you. the is standpoint lot. they M&A we've it Yes. XXX on an

actually we to. say get we would any worked when dive, we on deeper deep looked took the something didn't just XXX, looked a The with and do did interested we is in. find be dives and just We ones I way XXX. Now we'd we like say this involved didn't at that that

We very have a aren't But companies what However, quality a earnings loyal of your line there's our of I'm driving on We're our view businesses We're very some encouraged. out expanding adjacent interesting criteria. -- any bit at lot top up that little shareholders. to of just traditional still service and we've not our But built for reason. we there, proud strict We're we're a focus there. centers. Reliance.

I be it's but will this be our that think in. pop part And of we'll year interested there'll something that DNA.

are and well, And alive are all going how pick what criteria. that acquisitions we'll enthusiastic and multiples. that out fit works to ones see seeing. we're Our But the we're I'm our about

going to our if that we're So keep in quiver, will. you

in. themselves, on ask some on I'm Now products pleasantly of jump kind to Bill We're going to and surprised Karla fronts.

Some of shown and we'll little energy it of them be that. of of are aerospace. slow and I the exactly out we recent. able what we to is And although has But thought kind we've they at out a signs relief think have, of talk what were I to bit believe have can bottomed going Hopefully, is energy to -- be. climb Bill on that. a

So I Bill? those And go about to aerospace. I don't why statements, are general He Seth. talk can think go Bill. to -- we'll

William Sales

Bill. it's Seth, Yes.

to other side of and strong. at be the and inventory, military business, continue said, then business very bottomed headcount and is continues as equation aerospace as we last on our side. manage the we QX we recovery side, that environment look to see we've defense, challenging slow commercial out size the both a said, and think have know we'll right aerospace in We business. accordingly. the still space it aerospace lot to gradual Jim to side of year. of We've done the the the in And a the We of a terms side On look on

positive. that it So part very of is

Karla Lewis

our And Seth, the impact I bigger a just had kind and in And In to sell there a some it's QX, saw QX in a as that products. impact back average think, coming winding question we aerospace our significant was markets was big from spent down end the mix. markets more more a we about at some at that little quarter Hey time lot I'll more price little the little of pace add about of impact then QX, had on it our a downturn in of than to much our third Karla. in a specifically, mix slower probably saw talking it the your a more QX. we other on other But a product fact because time.

a that's about lot talking So it. there we time why spent of

the I comments gave some about we to during and up fourth quarter both But bottom in those where think see alloy we our QX, think in in Arthur some third on did color aluminum his we quarter. pressure sales. to markets, did that compared energy aerospace of hit show continue and and

quarter. anticipating price we down QX seeing some those compared go both into the has we're really and and QX see significant been We're sell stainless average activity QX. more a than in as little But carbon could product You to in in which a in in than a aerospace QX, huge that more positive. any energy changes nothing little our mix or

Seth Rosenfeld

clear. much. you Thank so Very

Operator

is And from KeyBanc Please with Instructions] Gibbs proceed Capital your questions. Markets. question our next Phil with [Operator

Philip Gibbs

Good Happy Hey, thanks. morning. New Year.

James Hoffman

Hi, you, buddy? Phil. are How

Philip Gibbs

this hundred doing CapEx couple a million well. should [Indiscernible] for expect year? of I'm we XXXX,

James Hoffman

about past, between division it's pretty I in the and like believe we growth it's It's good And maintenance. said in $XXX our yes, Phil. a comments million.

As have that but the charge and that for. we older It's but actually can year the a has it is $XX replaced is that but on things is need to we equipment of it more and in much buying tolerances maintenance. stated what about the we -- tighter million past, better technology some it's before better. we've $XXX we I equipment much replacing of $XX mean, is, million really equipment, call older some million maintenance, not

what some some we there, some you initiatives out, innovative So be rolling programs growth Then IT we've portion believe in yes, the going can that's CapEx. I $XXX said that But million. you. to a have got of enhancements we're and

Philip Gibbs

ahead, Okay. go -- have sorry. I must missed Karla,

Arthur Ajemyan

a Phil, north what spend of projects that be XXXX yes, due have a of And lot we you. there's because this perspective, cash COVID will spend cash from and approved in Arthur. to just is think delays with

spend. catch going some there's to be So up

$XXX of perspective, maybe full be I to million, think closer XXXX year a $XXX So we million. from north could probably even

Philip Gibbs

Okay. for Thank that. you

side, to be lot auto given from a business the remember. in what On time the in tolling, of just tends businesses your that I

which intra-quarter, there? year? they this what less So just they telling shutdowns, you Are of they with some still seeing downtime? are from are in mode interim material last take these Or are base while to catch-up you stage

William Sales

Yes, we're Bill. the far, to are continuing Phil, hey it's hearing mills so produce. What

bit shutdowns today probably are the So to some we chips so material going to is think of catch be storing we're watching mode and far, than outlook be the remains the very business. closely. that minimal chip situation strong. impact forward. before. going more from the auto a we shortage up our to The strong, we still in with going And think they're remains But But

Philip Gibbs

Okay. side It the it's my this business are a one to What's legs. versus just in telling chips. the of lot you tends got a segway pipeline going with more on like you of your the of how terms to last? consumables? capacity good newbuilds some because Bill, surface, for on And looks all growth the long you is like the new favor But your is and cycle because what customers Thanks. obviously mentioned semis look here, last then dealing you're

William Sales

to think agree I we be I our first -- the the for Phil. half. does, that with we It going was outlook, think We it said strong that. through

they're what for some For could go probably looking beyond us. the based double-digit where are that customers I'm forecast we I at our first multiple out on telling think years. seeing time, growth

to closely. of a So really can and we foreseeable watch semiconductor it's legs But those future. the stop so this for dime, markets, it on like one be got look does strong going is it very is

Philip Gibbs

Thank you.

Operator

the will the I to remarks. for now closing turn reached the over question-and-answer have call Jim And Hoffman we session. of And end

James Hoffman

time the all you Thank again you on and of your today for call to attention.

tenacity Reliance. pandemic an their each themselves, While communities. pleased for each to this We'd their results continues operating like not health, co-workers, our demonstrate and the on their stay every also and the COVID-XX focus our and and I healthy. thank more impact every their our employees investors unprecedented the and continued to to to global and like XXXX. support day economy, in pandemic commitment and performance and continue thank for of Reliance on resolve well-being be through of one have relentless courage, to could safety and Please safe families strong they I'd your their on for with financial

Operator

at may conference. Thank for today’s participation. lines you concludes your This this disconnect you your time. And